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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: As per rule, allowed to answer one question at a time and post the remaining in the next submission.
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Q: Distinguish between manufacturing & non-manufacturing overhead (product versus period costs)
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Q: Distinguish between manufacturing & non-manufacturing overhead (product versus period costs) 2)…
A: Hi, since you have posted a question with multiple subparts, we are solving the 1st three subparts…
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- Stuart Manufacturing Company began operations on January 1. During the year, it started and completed 1,780 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,620. 3. Salaries of administrative and sales personnel-$1,990. 4. Depreciation on manufacturing equipment-$5,996. 5. Depreciation on administrative equipment-$1,750. Stuart sold 1,190 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) Total product cost b. Total cost of ending inventory a. C. Total cost of goods soldThornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,540. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,430. 5. Depreciation on administrative equipment-$1,825. Thornton sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods soldRooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,190. 2. Wages of production workers-$3,560. 3. Salaries of administrative and sales personnel-$1,975, 4. Depreciation on manufacturing equipment-$4,810. 5. Depreciation on administrative equipment-$1,755. Rooney sold 1,110 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold.. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory e. Total cost of goods sold $ $ 11,560 4,012
- Solomon Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,060. 2. Wages of production workers-$3,510. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,936. 5. Depreciation on administrative equipment-$1,785. Solomon sold 1,060 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods soldAdams Manufacturing Company began operations on January 1. During the year, it started and completed 1,790 units of product. The financial statements are prepared in accordance with GAAP. The company Incurred the following costs: 1. Raw materials purchased and used-$3,170. 2. Wages of production workers-$3,600. 3. Salaries of administrative and sales personnel-$1,945. 4. Depreciation on manufacturing equipment-$5.044. 5. Depreciation on administrative equipment-$1,770. Adams sold 1,200 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending Inventory. Note: Do not round Intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round Intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods soldThornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,140. Wages of production workers—$3,580. Salaries of administrative and sales personnel—$1,995. Depreciation on manufacturing equipment—$4,568. Depreciation on administrative equipment—$1,820. Thornton sold 1,070 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.)
- Adams Manufacturing Company began operations on January 1. During the year, it started and completed 1,610 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,220. Wages of production workers—$3,610. Salaries of administrative and sales personnel—$1,925. Depreciation on manufacturing equipment—$4,279. Depreciation on administrative equipment—$1,820. Adams sold 1,170 units of product. Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.)Finch Manufacturing Company began operations on January 1. During the year, it started and completed 1,630 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,070. Wages of production workers—$3,550. Salaries of administrative and sales personnel—$1,940. Depreciation on manufacturing equipment—$5,279. Depreciation on administrative equipment—$1,830. Finch sold 1,030 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.)Munoz Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,080. Wages of production workers—$3,510. Salaries of administrative and sales personnel—$1,970. Depreciation on manufacturing equipment—$5,520. Depreciation on administrative equipment—$1,755. Munoz sold 1,210 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
- Larned Corporation recorded the following transactions for the just completed month. a. Purchased $89,000 of raw materials on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was direct materials and the remainder was indirect materials. c. Paid employees $118,000 cash. Of this amount, $103,200 was direct labor and the remainder was indirect labor. d. Depreciation of $194,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Larned Corporation recorded the following transactions for the just completed month. a. Purchased $78,000 of raw materials on account. b. $76,000 in raw materials were used in production. Of this amount, $67,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $104,400 was direct labor and the remainder was indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet i i V No 1 2 3 i 4 Transaction a b. C. d Raw materials Work in process Work in process General Journal Accumulated depreciation Debit 78,000 190,000 Credit 78,000 190,000During the current month, Sunland Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,200 on account. (b) Incurred factory labor of $37,600. (c) Factory utilities of $2,790 are payable, prepaid factory insurance of $2,510 have expired, and depreciation on the factory building is $9,000. Prepare journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Debit Credit (b) (Purchases of raw materials on account) (c) (To record factory labor costs) (To record overhead costs)